The latest filing shows PIF dissolved stakes in companies such as BP, Boeing, Facebook, Citigroup and Bank of America, while it reduced stakes in a small number of companies including Berkshire Hathaway and Cisco Systems
DUBAI: Saudi Arabia's sovereign wealth fund, has sharply cut direct stakes in some major blue-chip companies and invested nearly $4.7 billion in sector-specific exchange traded funds, according to a U.S filing on Friday.
The total value of Public Investment Fund's (PIF) holdings in stocks and exchange-traded funds as of the end of the second quarter was $10.1 billion, slightly up from around $9.8 billion in direct stakes in blue-chip companies the fund had disclosed at the end of Q1.
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